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Ripple analysis: closely watching major pivot level

By Nathan Batchelor

15:18, 25 August 2020

Ripple analysis: closely watching major pivot level

Ripple is attempting to recover higher, following its recent technical correction back towards the $0.27 support area.

Ripple analysis shows that buyers need to maintain the cryptocurrency above the $0.27 level to avoid a stronger decline back towards the $0.23 level.

Ripple medium-term price trend

Ripple is attempting to recover back towards the $0.30 level after the cryptocurrency corrected lower alongside the broader market, following four weeks of straight gains. 

Ripple technical analysis shows that the $0.27 level is going to act as a major pivot point this week.

The daily time frame shows that the recent decline found strong support from just above the $0.27 level.

XRPUSD-25-08-Daily

According to technical analysis, the XRP/USD pair could decline towards the $0.25, and possibly the $0.23 level if the $0.27 support level is broken this week. 

To the upside, continued gains above the $0.27 level are likely to result in a technical test of the $0.30, and possibly the $0.33 levels.

DOGE/USD

0.40 Price
+3.130% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 22:00 (UTC)
Spread 0.0012872

XRP/USD

1.39 Price
+15.310% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 22:00 (UTC)
Spread 0.01168

ADA/USD

0.89 Price
+9.850% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 22:00 (UTC)
Spread 0.00646

ETH/USD

3,387.71 Price
+0.970% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 22:00 (UTC)
Spread 6.00

Traders should note that the $0.38 and the $0.50 levels remain the wider goal for bulls over the medium-term horizon.

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Ripple short-term price trend

Ripple technical analysis over the short term shows that the cryptocurrency is only bullish while the price trades above the $0.233 level.

The four-hour time frame shows that a bearish head-and-shoulders pattern has formed, following the recent reversal from the $0.33 level.

According to the size of the head-and-shoulders pattern, the XRP/USD pair could decline towards the $0.23 level if the $0.27 level is broken.

Traders should note that negative MACD price divergence is still present on the lower time frames, and extends down towards the $0.23 area, which further increases the chances of a short-term bearish reversal.

Ripple-25-08-H4

Ripple technical summary

Ripple technical analysis suggests that a move under the $0.27 level could cause the cryptocurrency to drop towards the $0.23 level.

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